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"Humanity Protocol Raises $20M, Hits Unicorn Status in Fight Against Crypto Fraud"

Coin WorldMonday, Jan 27, 2025 7:29 pm ET

1min read

Humanity Protocol, a zkEVM Layer 2 blockchain focused on enhancing network security, has achieved unicorn status following its latest fundraise. The company secured a fully diluted valuation of $1.1 billion after raising $20 million in funding co-led by Pantera Capital and Jump Crypto.

The funds raised will be used to launch the company's product and expand into new areas in the coming months. Terence Kwok, the founder of Humanity Protocol, explained that the protocol will enable users to verify their humanity without revealing their identity. The company aims to address issues of online fraud, fake accounts, and the proliferation of bots in the crypto space.

A fully diluted valuation refers to the cumulative worth of a company if it issues all its potential shares. In this case, if Humanity Protocol successfully issues all its shares, it will amount to $1.1 billion. Tech experts predict that the digital identity verification sector may witness a boom, given the growing traction in artificial intelligence (AI) and increasing concerns about deepfakes. The crypto sector remains keen on combating cyber fraud, and users will continue to demand more efficient tools to tackle malicious actors.

Humanity Protocol is inching closer to launching its crypto token, with final preparations underway to ensure a successful launch. Blockchain startups are shifting to biometrics to capitalize on the growing demand. World Network, founded by OpenAI's CEO, Sam Altman, is one notable example, allowing users to create a verified ID from images of their face and eyes.

Market watchers anticipate a resurgence in crypto activities and related innovations following the second term administration of U.S. President Donald Trump, who has signaled his intention to make the U.S. a global leader in the crypto sector.

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